A petition was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, Simplex Projects Ltd, due to a default in payment of Rs. 10,36,47,148/- under a sub-contracting arrangement. The petitioner claimed to have executed a project under a sub-contract dated 2010-06-16. The Irrigation Department, Govt of UP, which entered into the main contracting arrangement with Simplex Projects Ltd, the corporate debtor, has been paid by the Govt in full. However, the petitioner has not been paid.
A petition was filed under Section 7 of the IBC seeking CIRP against Simplex Projects Ltd, the corporate debtor, due to a default in payment of Rs. 10,36,47,148/- under a sub-contracting arrangement. The petitioner executed a project under a sub-contract dated 2010-06-16. The Irrigation Department, Govt of UP, which entered into the main contracting arrangement with Simplex Projects Ltd, has been paid in full by the Govt. Despite this, the petitioner has not been paid. The petition was considered to have the ingredients of a Section 9 petition. The petitioner's counsel sought to withdraw the petition with the liberty to file a fresh petition under Section 9 of the Code.
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A petition was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, Simplex Projects Ltd, due to a default in payment of Rs. 10,36,47,148/- under a sub-contracting arrangement. The petitioner claimed to have executed a project under a sub-contract dated 2010-06-16. The Irrigation Department, Govt of UP, which entered into the main contracting arrangement with Simplex Projects Ltd, the corporate debtor, has been paid by the Govt in full. However, the petitioner has not been paid.
A petition was filed under Section 7 of the IBC seeking CIRP against Simplex Projects Ltd, the corporate debtor, due to a default in payment of Rs. 10,36,47,148/- under a sub-contracting arrangement. The petitioner executed a project under a sub-contract dated 2010-06-16. The Irrigation Department, Govt of UP, which entered into the main contracting arrangement with Simplex Projects Ltd, has been paid in full by the Govt. Despite this, the petitioner has not been paid. The petition was considered to have the ingredients of a Section 9 petition. The petitioner's counsel sought to withdraw the petition with the liberty to file a fresh petition under Section 9 of the Code.
Date of the sub-contract…
Hearing on the petition…